Ecuador's central bank president has resigned over revelations he used a bogus university degree to get into a graduate school and study business. Pedro Delgado acknowledged he never completed his economics studies at Ecuador's Catholic University and fabricated a diploma later to gain admission to a business school called INCAE, in Costa Rica.

"I made a mistake, a very serious mistake, 22 years ago," Delgado said on television Wednesday night. "I made the wrong decision and, in order to achieve my academic goal, I made a mistake that is now costing me dearly." Ecuadoran President Rafael Correa, who is Delgado's cousin, said Delgado's dishonesty had dealt a serious blow to his government. It was INCAE that first started investigating Delgado and passed on its findings to the Quito government, which confirmed the central banker had no undergraduate degree and made as if he did. Delgado had run the central bank since November 2011.

Copyright Agence France-Presse, 2012